Abuja, December 21, 2025 – Opposition parties have sharply criticized President Bola Tinubu’s proposed ₦58.18 trillion 2026 Appropriation Bill, warning that its heavy reliance on borrowing will deepen Nigeria’s debt crisis and exacerbate economic hardship for millions of citizens already grappling with high inflation, poverty, and insecurity.
President Tinubu presented the budget, tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” to a joint session of the National Assembly on December 19, 2025. The proposal projects total revenue of ₦34.33 trillion and total expenditure of ₦58.18 trillion, with ₦15.52 trillion allocated for debt servicing—a significant portion that opposition voices say crowds out essential spending on social services.
The budget implies a substantial deficit, to be financed through new borrowing estimated at around ₦17.88 trillion, according to details from the presentation and the Medium-Term Expenditure Framework. This continues a trend of rising debt, with Nigeria’s public debt stock already exceeding ₦152 trillion as of mid-2025.
The Peoples Democratic Party (PDP) described the budget as a “Budget of Consolidated Renewed Sufferings,” arguing that it fails to address widespread poverty and high living costs despite the government’s claims of 3.98% GDP growth. PDP National Publicity Secretary Ini Ememobong stated that economic gains have not translated into improved welfare for ordinary Nigerians, with hunger, insecurity, and unemployment persisting.
The Social Democratic Party (SDP) echoed these concerns, with National Publicity Secretary Rufus Ayenugba highlighting worries over funds earmarked for debt servicing and the administration’s continued borrowing. He noted that previous loans have not justified their expenditure, pointing to extensions of prior budgets as evidence of poor implementation.
Other opposition figures, including former Labour Party presidential candidate Peter Obi, have previously raised alarms about plans for additional trillions in borrowing, calling it “fiscal rascality” that risks long-term economic stability without boosting productivity.
Critics also pointed to overlapping budget cycles—with the 2024 and 2025 capital components extended—as a sign of fiscal disorder that undermines transparency and accountability.
As the National Assembly begins scrutiny of the bill, opposition parties and analysts insist that the budget’s success will depend on curbing excessive debt, improving implementation, and ensuring tangible relief for Nigerians facing ongoing economic challenges.
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Opposition Parties Slam Tinubu’s ₦58.18 Trillion 2026 Budget Over Heavy Borrowing and Rising Debt Burden
